港股估值到底如何？

Core Insights - The valuation of the Hang Seng Index and the Hang Seng China Enterprises Index appears high, especially since they began including internet giants like Tencent Holdings from 2018, making historical comparisons less relevant [3] - Recent increases in valuations are largely driven by the performance of internet and AI-related stocks [5] - The Hang Seng Technology Index's valuation is relatively low at 25 times earnings compared to the NASDAQ's 37 times, indicating potential investment opportunities [7] - The Hang Seng Healthcare Index's valuation is difficult to assess due to many innovative drug companies being unprofitable; however, using price-to-sales ratios suggests there are still opportunities in Hong Kong's innovative drug sector [8] - The Hang Seng Consumer Index appears to be undervalued compared to its historical levels [9]